Proving the Business Case for the Internet of Things

Smart city revenues to reach $27.5 billion in 2023: Navigant

Iain Morris
July 10, 2014
 
Annual revenues from the sale of smart city technologies are forecast to reach $27.5 billion globally in 2023, up from $8.8 billion in 2014, according to a new study from Navigant Research.

According to the market-research company, the rapid urbanization of Asia and Africa, in particular, is driving strong growth in the market for smart city technologies that can be used to connect power grids, transportation management systems and energy-efficient buildings.

“New infrastructure for rapidly expanding cities is being underpinned by information and communications technologies that are deeply embedded in the urban fabric and are profoundly changing the way cities operate and how people live and work in these environments,” said Eric Woods, research director with Navigant Research. “City leaders are embracing these innovations to meet sustainability goals, boost local economies, and improve services.”

Navigant says a key driver of innovation in smart city projects worldwide is the opportunity to capture and make use of big data.

By analyzing real-time and highly granular data across a range of city operations and services, authorities and organizations can develop a better understanding of future requirements and act accordingly.

One area that needs addressing by city managers, however, is the lack of appropriate skills among city government employees, according to Navigant.

Without a sufficient number of skilled employees, cities will find it hard to “fully enter the big data era”, says the market-research company.
 
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